US-based cryptocurrency exchange Coinbase is expanding its European operation following the obtainment of an e-money license in Ireland.
According to the update published to Coinbase’s official blog Oct. 11, the exchange has been granted an e-money license for operation in the country. Coinbase is now one of just a few companies to hold such a distinction, which the exchange says will enable it to “expand our Irish operation and ultimately deliver a better product to customers across some of our fastest-growing markets.”
Coinbase first announced its foray into the Irish crypto marketplace at the end of last year, with the creation of an office in Dublin. The US-based exchange calls Ireland a “burgeoning” cryptoeconomy and says that Europe represents a “huge opportunity” for Coinbase’s continued growth.
According to the blog post,
The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets. It will also allow us to secure passporting for our customers across the EU and EEA.
Martin Shanahan, CEO of IDA Ireland–an agency responsible for attracting foreign investment into the country–congratulated Coinbase on obtaining the license and called the development an important milestone for Ireland’s pro-enterprise policy environment.
Featured Image Credit: Photo via Pixabay.com